A solution which blends errors and omissions insurance (E&O) with protection for emerging technology-related injuries and privacy remediation expenses
The Chubb Group of Insurance Companies has created Integrity+, a solution that blends errors and omissions insurance (E&O) with protection for emerging technology-related injuries and privacy remediation expenses.
Integrity+ includes the following insurance features: Product or Service Financial Injury (Errors & Omissions) – Liability insurance protection against claims or suits for financial injuries suffered by another person or an organisation caused by defects or deficiencies in the insured’s products or services;
Technology-Related Injury – Liability insurance protection against claims or suits against the insured for financial injuries suffered by competitors or customers relating to the insured’s business or products/services, including infringement of intellectual property (including computer source and object code); violation of a person’s right of privacy or publicity; false arrest, false detention or malicious prosecution; and libel, slander and product disparagement;
Privacy Remediation Expense – Reimbursement of expenses incurred to comply with state, federal and foreign laws that require customer notification of a privacy data breach.
Veronica Somarriba, vice president of Chubb & Son, and worldwide manager for Chubb’s technology segment, said: Technology companies are offering a wider array of products and services that may create new exposures. For instance, an employee at a software developer may infringe another company’s copyright-protected source code, or a flaw in electronic medical record software might enable a hacker to compromise a hospital patient’s privacy. A traditional errors and omissions insurance policy may not offer the breadth of insurance needed to help protect a technology firm from such evolving risks. Integrity+ is an enterprise-wide, integrated solution that retains the key features of our existing E&O policy, augmented by enhanced essential insurance protection such as media liability and intellectual property infringement liability and reimbursement of privacy remediation expenses.